Regulatory Alerts2021-01-01
Palestine Monetary Authority Instructions No. 2 of 2025 Concerning the Anti-Money Laundering and Counter-Terrorist Financing Function
The Palestine Monetary Authority issued Instructions No. 2 of 2025 to mandate licensed banks to establish an independent Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) function at the senior management level. The regulations require banks to implement risk-based policies, robust electronic screening systems, and strict due diligence procedures to prevent financial crime and ensure regulatory compliance. Furthermore, the instructions define the specific qualifications, operational independence, and detailed responsibilities of the designated AML/CTF Officer to ensure effective oversight and reporting.
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